Home Equity Loans & Second Mortgages
Unfortunately the credit crisis and subprime meltdown sank the second mortgage market, so home equity loans are difficult to find. 80-20 loans and 100% home equity lines of credit all but vanished. Cash refinancing and 2nd mortgage loan programs have changed significantly, so discuss your qualifications with a lender or loan officer. Second mortgage refinancing is a great idea, especially if you have a variable rate credit line. Refinance the HELOC in to a fixed rate home equity loan while the rates so favorable.
Lock into record low rates for fixed mortgage loans with rates dropping below 5%. For today’s FHA mortgage rates, home equity loan rates and credit line rates, please visit our blog or talk to a loan officer by phone. Nationwide suggest reading additional blog posts and recommended mortgage refinancing articles.
Take advantage of record low mortgage refinance rates up to 95% with FHA loans. Visit us online for home equity loan advice anytime. In today’s marketplace the most important credentials for home equity loans remains high credit scores, more than 25% equity and verifiable income documentation that indicates to the lender that your income and liabilities do not pose a significant risk for home loan default. If you are unable to qualify for FHA mortgage refinancing or a cash out credit line or home equity loans, consider Hope for Homeowners or a mortgage loan modification that ensures lower monthly payments from negotiated interest rate reductions regardless of with bad credit or lack of equity.
